Pi Network (PI) extended its bullish streak, briefly reclaiming $0.1 before retracing to around $0.098 at press time, after an 11% daily gain. The rally was backed by a 200% jump in trading volume and a market cap reclaiming $1 billion. Anticipation of the upcoming Protocol v25 upgrade on July 22 has driven renewed demand. The upgrade aims to improve network reliability and add privacy-preserving smart contracts using BN254 cryptography and Poseidon hashing. Speculative demand rebounded, with the Long/Short Ratio above 1 for two consecutive days and the market Delta positive for nine days. PI flipped its 21 and 9-day moving averages, signaling strong momentum.
Pi Network’s native token, PI, continued its upward trajectory, rising 11% on daily charts before a slight retracement. At press time, PI traded at approximately $0.098 after briefly reclaiming the $0.1 level. This price increase was accompanied by a 200% surge in trading volume, while the market capitalization regained the $1 billion mark, indicating steady capital inflow.
The broader market has been closely watching the network’s upgrade to Protocol v25, scheduled for July 22. According to Pi Network’s official announcement, the upgrade aims to improve reliability and stability, adding capabilities for more efficient, privacy-preserving smart contracts. The upgrade will introduce BN254 cryptography and Poseidon hashing, enabling developers to build modern zero-knowledge applications. The network also updated its app profile page, restoring user confidence.
Demand for the altcoin remains robust. Speculative interest has rebounded significantly, with PI’s Long/Short Ratio staying above 1 for two consecutive days, according to Coinank. At press time, the metric stood at 1.04, with 50.9% of accounts holding long positions. “When traders mostly open longs, it suggests they were bullish and anticipated further gains,” the data indicated. Spot market accumulation has also been aggressive, with the market Delta remaining positive for nine consecutive days. A positive delta suggests strong market demand, with buyers actively pushing prices higher, often considered a strong bullish confirmation.
Technically, PI has closed at higher highs for four consecutive days, flipping both the 21 and 9-day moving averages. The MACD formed a bullish crossover, rising to -0.009, confirming the strengthening trend. However, the MACD remained negative, indicating buyers have not yet fully dominated the market. If the upcoming upgrade incentivizes more market participants, PI could hold above $0.10 and target the $0.12 resistance level.
